Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-05-06-Speech-3-068"
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"en.20090506.3.3-068"2
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".
Madam President, Commissioner, ladies and gentlemen, today I have the opportunity to present to you not only the findings of the Committee on Economic and Monetary Affairs but also the results of long negotiations with the Council and the Commission. Last week we reached agreement in a trialogue on a common approach to developing a new framework for the financial markets.
I would like to single out pro-cyclicality as the fifth point.
This reports states that the Commission must clearly identify the pro-cyclical effects of the existing directives very quickly and that we must see that the necessary change is made before the autumn.
I call on you to accept this report and the proposal for agreement with the trilogue so that we, as the European Union and as the European Parliament, can maintain our leading role in the reform of the financial markets. It is also important that we implement all the requirements for future development so that can open the door to an improved, more stable and more trustful financial market and once again assume a leading role at the next G20 Summit. I ask for your support in this.
I tell you, I ask you, to look on these proposals, which we are debating today, as a complete package. Some of us wanted more, some of us wanted less, in this Parliament, in the Council and in the Commission. I can tell you that we did not agree on the smallest common denominator but attempted to agree on more than the biggest common denominator.
We have proposed a line for the next steps, because this can only be a first step. We have not come up with an answer to the economic and financial crisis. But we are ready to take a new step, to achieve a breakthrough in the development of a new framework for the financial markets, which will lead to the simplification of financial market regulation and to Europeanisation, which will create certainty on the financial markets and stability for all market participants, which represents a development of the financial markets, is a reaction to the financial crisis and safeguards the decentralised sector.
I would like to thank Mrs Berès, Mrs Bowles and my fellow Members in the other groups for their support and, especially, the Secretariat and all staff members.
This proposal leads to more transparency, more legal certainty and more stability and therefore creates more trust in a time characterised by a lack of trust. It is not the only body of laws we are proposing. In the last plenary sitting we decided to regulate the rating agencies, we adopted the new supervisory structures for the insurance industry, and the Commission presented a new proposal for hedge funds. It is an additional package, with which we are pointing the way.
There are five points. The first is financial market supervision, where, as a first step, we have strengthened the role of CEPS and that of the European Central Bank. We have also enhanced the balance between home and host regulators. The second step is that we must now achieve stronger integration of financial market supervision. All the requirements are contained in this report, because we need an integrated supervision structure to enable us to overcome the new challenges.
The second area is securitisation, the granting of loans. For the first time we are introducing the rule that a loan can only be granted if the lender holds a retention for securitisation in its books. We have provided for a retention of at least 5%, but we have commissioned CEPS to look into whether an increase is reasonable and to publish its findings in a Commission review before the end of the year, taking international developments into consideration. This is an important signal to the markets: without a retention there is nothing. The retention leads to transparency and also to better control.
Thirdly, we have regulated large exposures in terms of the own funds/risk ratio. No large exposure may account for more than 25% of a bank’s own funds. And, when banks lend to each other, the sum of EUR 150 million must not be exceeded.
The fourth point is that we are working to improve the quality of own funds and hybrid capital. However, we are taking into account existing statutory regulations in the Member States, because we do not wish to have procyclical effects during the economic and financial crisis. That we have created a correct, professional transitional regulation is an important point, especially for cooperatives, savings banks and silent capital contributions in Germany. Nonetheless, there is still a lot to do."@en1
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